Pharma plant news: NORTH SYDNEY ? Sources confirm that a...

Pharma plant news:

NORTH SYDNEY ? Sources confirm that a bankruptcy administrator will be appointed shortly for Stirling Pharma Inc. in the Northside Business Park.

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Enterprise Cape Breton Corporation , Australia

The power has been cut to the building and the only activity on site is 24-hour security.

Stirling Products Limited of Australia acquired the plant in March 2010 as a result of the bankruptcy of the former Keata plant. Stirling put its successful offer for the former Keata plant through a bankruptcy proceeding.

The former Keata plant had only been operational for about 12 to 18 months. The plant did some contract compounding and packaging.

Stirling agreed to pay a total of $3.6 million over a span of 30 months for the facility, which is estimated to have a replacement value of $20 million. The facility comprises a 985 square metre (10,600 square feet), two- storey, fully insulated and temperature and atmosphere controlled drug manufacturing plant built on two hectares (five acres) of freehold land.

Enterprise Cape Breton Corporation provided $6.5 million in loans and equity for a $15-million plant, with the promise of creating at least 65 jobs and later expanding to at least 150 workers within the first three years of operation.

Stirling Pharma?s goal was to manufacture neutraceuticals (a food or food product that provides health and medical benefits) and pharmaceuticals, which are over-the-counter drugs and prescribed medicines that are governed by Health Canada.

The plant is fitted with extensive laboratory and drug manufacturing and packaging facilities. Features include a fully fitted out laboratory, water filtration systems, auto mixing units ranging to 3,000 kg capacity and two fully automated filling, labelling and packaging lines.

Efforts Tuesday to reach representatives of Stirling Pharma were unsuccessful.

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http://www.capebretonpost.com/Business/2011-08-16/article-2709577/Future-of-Stirling-Pharma-plant-unclear/1

Position: stuffed.